US food company General Mills has completed the acquisition of Brazilian food firm Yoki Alimentos in a BRL1.75m($857m)deal,a move which will strengthen the company's presence in Latin America.
Yoki produces more than 600 products including snacks,flours,side dishes,dry soups,grains,beans and seasonings under Yoki and Kitano brands,which hold leading market positions in the country.It also produces Yokitos branded snacks for children,Lin Tea tea products,and a range of ingredients under the Mais Vita brand.
Headquartered in Sao Paulo state,Yoki operates several manufacturing plants and distribution centres across Brazil,and reported annual sales of BRL1.1bn($540.19m)in 2011.
The acquisition of Yoki Alimentos is expected to more than double the annual sales of General Mills in Latin America to nearly$1bn.
General Mills senior vice president and president of its Latin America region Sean Walker said that Yoki has strong brands and its acquisition is set to accelerate the company's growth in Brazil.
The new business will be headed by Sean Walker,who also leads General Mills Brazil,and the leadership team will include key managers from General Mills and Yoki.
In May 2012,General Mills entered into an agreement to acquire Yoki Alimentos in a deal,which included the assumption of BRLR$200m($98m)in outstanding debt.
General Mills executive vice president and chief operating officer Chris O'Leary had then noted that the company will strengthen Yoki and Kitano product portfolio,expand its current H?agen-Dazs and Nature Valley businesses,and introduce additional General Mills brands in Brazil in the future.
